Egypt’s Tahya Masr (Long Live Egypt) Fund will deliver the first and second phases of in “Tahya Masr social housing project” with investments worth 1.5 billion Egyptian pounds next May, Mohamed Ashmawy, the fund’s executive director, said Monday.
The housing project, announced by President Abdel Fattah Al-Sisi earlier in February, is located in Mokattam- southeastern Cairo and tailored to replace the residents of highly dangerous slums. The project will include 15,000 housing units to place 60,000 slum residents.
The first two phases include delivering 10,000 units while the third phase includes 6,000 housing units worth investments of 750 Egyptian pounds.
Tahya Masr Fund is contributing with an amount of 500 million to implement the first phase, while Cairo Governorate is granting 350 million Egyptian pounds
However, Tahya Masr (Long Live Egypt) is a donation based fund that was launched by the president in June 2014. Several businessmen and banks made notable donations.